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1. Martha has $150 to spend each week and cannot borrow money. She buys Malted Milk Balls and the composite good. Suppose that Malted Milk Balls cost $2.50 per bag and the composite good costs $1 per unit.
a. Sketch Martha's budget constraint.
b. What is the opportunity cost, in terms of bags of Malted Milk Balls, of an additional unit of the composite good?
2. In Problem 5, suppose that in an inflationary period the price of the composite good increases to $1.50 per unit, but the price of Malted Milk Balls remains the same.
a. Sketch the new budget constraint.
b. What is the opportunity cost of an additional unit of the composite good?
A compnay is considering buying a new piece of machinery. The inital cost is $80,000; the end-of-useful-life salvage value is $20,000; annual operating costs are $18,000; and the useful life is 20 years. the machine will produce an annual savings.
A monopsonist's demand curve for labor is given by w = 12 - 2L, where w is the hourly wage rate and L is the number of person-hours hired. a. If the monopsonist's supply (AFC) curve is given by w = 2L, which gives rise to a marginal factor cost cur..
Net income from nonfarm unincorporated business, including rent 35 Personal consumption expenditure 398 Imports 170 Undistributed corporate profits 7 Personal taxes 136 a) use expenditure approach to compute GDPb) Calculate NDP c) Calculate NNI
susanna nanna is the production manager for a furniture manufacturing company. the company produces tables x and chairs
A certain reaction was run several times using each of two catalysts, A and B. The catalysts were sup- posed to control the yield of an undesirable side product
suppose you purchase a corporate bond with a 0-year maturity, a $1000 par value, a 10% coupon rate, and semiannual interest payments. This means that you receive a $50 interest payment at the end of each six-month period for 10 years (20 times).
From the equation of the line, predict the gross national product in 1987. (The actual figure was 4488.5.)
Now allow Foreign and Home to trade with each other, at zero transportation cost. Find and graph the equilibrium under free trade. What is the world price? What is the volume of trade?
What is the probability that an individual drawn from this distribution holds public health insurance? What type of probability is this?
The Texas Family Assistance Program (a social welfare program) offers cash transfers to low-income families. Suppose that the maximum transfer is $20 for households without income; for each dollar earned, the transfer is reduced by $0.50.
XYZ Corporation is a manufacturer of widgets. Over the past several months, it has been selling its widgets for $100 each and unit sales have averaged 5,000 units per month. This month its competitor, ABC, Inc. raised the price of its widgets from..
What is the substitution effect? Why do the substitution and income effects normally reinforce each other? Is this true for an inferior good?
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